The Royal Mint issued in 1997 for the first time ever, Silver Proof Britannia �2 Two Pound Coins to commemorate the tercentenary of the introduction of the Britannia Silver Hallmarking Standard.
The Britannia Silver Standard was first introduced 300 years ago to protect coins of the Realm, produced in sterling (.925) silver, from being melted down into plate. To discourage the practise, a Statute was passed raising the standard for wrought plate to .958 silver. Appropriately, the hallmark, attesting to the fine silver content, is the recognisable seated figure of Britannia.
Marking the appearance of the new issues, an impressive celebratory reverse design has been created. Sculptor Philip Nathan, whose design for the gold Britannias introduced in 1987 has been greatly admired, was asked to develop one of his original drawings further. This drawing he successfully, transformed into a beautiful plaster model approved by the Royal Mint Advisory Committee and it now graces the reverse of these special coins. The majestic figure of Britannia stands proud and bold in her chariot, being drawn along the seashore by two mighty horses. The obverse of the 1997 Britannia coins feature the elegant portrait of Her Majesty Queen Elizabeth II by Raphael Maklouf.
These legal tender coins have been struck to proof quality using specially prepared dies and highly polished blanks.